January 24, 2024 | Buying
Should You Buy or Sell First?
If you’re planning on both buying and selling property, you might be wondering whether you should buy or sell first. It’s a tricky question and there’s no one-size-fits-all answer, as the best decision will depend on your specific situation.
Sell First
If you sell first, you’ll know exactly how much money you’ll have to put towards your new purchase. This can help you set a budget and avoid overspending. However, if you sell before finding a new property, you may need to find temporary accommodation until you’re able to move into your new home.
Buy First
On the other hand, if you buy first, you’ll have a new home to move into straight away. However, you’ll be taking on the risk of not being able to sell your current property in time, which could lead to financial strain.
Conditional on Sale
One option that some people choose is to make an offer on a new property that is conditional on the sale of their current property. This can provide some peace of mind, as you’ll know that you won’t be stuck with two mortgages.
Market Conditions
Another factor to consider when deciding whether to buy or sell first is the current state of the property market. If the market is in a seller’s market, you may find it easier to sell your property quickly and for a good price. In this case, it may be more advantageous to sell first and then purchase a new property.
Conversely, if the market is in a buyer’s market, you may be able to find a new property at a lower price. This could make it more beneficial to purchase a new property first and then sell your current property.
Timing
It’s also important to factor in any time constraints you may have. If you need to move quickly, it may be more feasible to buy first and then sell. However, if you have more time to work with, you may be able to sell first and then take your time finding a new property.
Ultimately, the decision to buy or sell first is a personal one that should be based on your unique circumstances and preferences. With the help of our knowledgeable real estate agents, you’ll be able to make an informed decision that sets you up for success.
More About Capstone
Our real estate professionals are industry experts and proud long-time locals. Learn more about how each of our team members helps elevate your real estate experience.
